Vermonster wrote:From my experience, if you are on the edge (which I think you are), it will all come down to your DTI. Take your monthly expenses and divide by monthly income. Expenses will include what you put for rent/mortgage on the app, and any minimum payments on your credit report (generally loans and other credit cards). Anything above 0.5 DTI will make it harder to be approved, though not impossible.

Oh that would explain some things on my end. I never factored in the rent/mortgage factor in that way before. I didn't think of those two factors being combined that way.

Current Update: Called the recon line. I talked to somebody and after a bunch of verification stuff they said they would recommend me for approval. Then they forwarded me to the lending department where they asked me about my source of income and such. That lady reviewed my application and said I wasn't approved, so I'm currently on hold with the first department to see what happened. Anyway I'll let you guys know. I didn't think my odds would be great, but I got a free night to waste on this recon lol.

4ktvs wrote:Oh that would explain some things on my end. I never factored in the rent/mortgage factor in that way before. I didn't think of those two factors being combined that way.

Learned something new today.

Yeah, as far as I can tell it is the only reason they ask you for it. It generally eats up 25% of ones monthly income, and if you rent it isn't reported anywhere.

jmon117 wrote:Current Update: Called the recon line. I talked to somebody and after a bunch of verification stuff they said they would recommend me for approval. Then they forwarded me to the lending department where they asked me about my source of income and such. That lady reviewed my application and said I wasn't approved, so I'm currently on hold with the first department to see what happened. Anyway I'll let you guys know. I didn't think my odds would be great, but I got a free night to waste on this recon lol.

"4 revolving accounts established too recently to provide an adequate amount of credit history" or something like that. The recon guy kept asking me if I had any reason they should reconsider based off of this reason (he seemed like he really wanted to help me get approved), but I couldn't come up with anything legitimate so it is what it is. I'll spend some time in the garden club lol.

jmon117 wrote:"4 revolving accounts established too recently to provide an adequate amount of credit history" or something like that. The recon guy kept asking me if I had any reason they should reconsider based off of this reason (he seemed like he really wanted to help me get approved), but I couldn't come up with anything legitimate so it is what it is. I'll spend some time in the garden club lol.

Well, at least now you know what to work on and in this case, it's very easy -- you just let the accounts age and keep them in good standing, and try again later (I'd say a year but at least 6 months).

jmon117 wrote:"4 revolving accounts established too recently to provide an adequate amount of credit history" or something like that. The recon guy kept asking me if I had any reason they should reconsider based off of this reason (he seemed like he really wanted to help me get approved), but I couldn't come up with anything legitimate so it is what it is. I'll spend some time in the garden club lol.

That is both the easiest thing to fix, and the hardest. All you have to do is garden, and avoid temptation. I think you should be good to go in 6 months, but a year would be best. Definitely hold out for a good signup bonus though. 50k is a pretty nice deal if you can nab it.

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